The lack of free time is by design. Because when there is free time it provides opportunities to reflect and think about things. That’s a dangerous thing to those in power. People might start to “forget their place”.
Sometimes you are rewarded with just enough free time to maintain acceptable levels of productivity for your pay masters, and with on-demand entertainment and travel destinations existing (if you are allowed to afford these), the 'problem' of using your free time to reflect on the state of things is anything but possible.
Watching from Egypt, David Harvey & Richard Wolff became my idols in economics. Day by day I can see exactly what they predicted about capitalist neoliberal economies happening in my country. An unnecessarily cruel first-hand experience. To all Americans, save yourselves from these exiploitative systems and you might just save the world in the process.
Mohamed El Erian has presented some economic considerations in as polite a manner as NBC executives allow. His Egyptian roots indicate he has some background in the study of Economics. Jim Rickards offers that we face a lack of Capital. The World appears to report Nations all the way around the Mediterranean Sea who report financial difficulties. Sri Lanka is not the only Nation in distress, The European Union apparently is swapping Euros, back and forth between Bonn and Paris to provide an image of a positive GDP. The US would have reported a third quarter of negative GDP growth if not for extorting money from Europe with LNG. We appear to be facing a crisis of Capitalism, that actually threatens the use of Capital as a measure of value? We appear to be faced with deciding if Capitalism is worthy of our participation?
Wouldn't it be pf more value to make idols of people who actually have a grasp of economics instead of a complete laughingstock in the economics profession and a geographer with no economic training (or understanding) whatsoever? We Americans are such victims of these "exploitative systems" that we have the highest paid workers in the world (at all income levels), the wealthiest poor, by far, with our poorest 20% living better than the middle class in nearly every other country on earth, including such countries as Canada, the UK, Australia, Sweden and Denmark. the highest quality health care in the world (readily accessible despite fairy tales to the contrary) and one of the highest living standards, surpassed only by a handful of much smaller and arguably more capitalistic countries including the tiny banking/gambling enclaves of Luxembourg, Liechtenstein, Monaco and Switzerland plus Ireland and Singapore. I'm not sure where you git the asinine notion that Egypt magically became a capitalist country. Conditions were far worse under Nasser and while Sadat and Mubarak opened up certain areas of the economy, still others remain tightly controlled. That, coupled with political and legal instability caused poverty levels and unemployment to remain relatively high. Put simply, it was the continued failure yo dully embrace capitalism and the ignorance that blames the failure to achieve objectives that required more capitalism upon capitalism itself that has fueled the unrest. Ideas such as those espoused by Marxists will do nothing but condemn your country to poverty and misery (the only thing they have ever resulted in in all of human history) for years to come.
You picked the wrong guy as an idol. My as a comedian. It’s funny how they hack on other economist when they tout the most failed economic system in history
Funny how these guys tout the most failed economic system in history. Marx is to economics as L,Ron Hubbard was to religion. No economic system caused more poverty, death and corruption that Marxism. These guys sound like a comedy act
many people pointed it out before chomsky. chomsky is kind of an opportunist tbh, not a good person to look towards for answers. When he is right, his answers always come from someone else. Even his most famous book is just a rehashing of a book wrote like 5 years earlier by someone who DIDN'T work for MIT and the state department for years. thank god his linguistics work ended up being bunk science that failed to produce any results, or we'd have even more intelligent predator drones lmao
"Debt is a promise of future labor." Never been said so clearly. Heavily indebted people and nations are just compulsory workers, modern-day slavery where you're not even obliged to feed and house your slaves.
Yes. I've always thought of it as "money is a promise to do work later". A dollar bill is really an IOU. So when the government goes into debt it's like someone else taking out a loan in your name for you which you didn't approve.
If not actually slaves, a significant percentage of low-income individuals are much the same as those sharecroppers who worked the land owned by others and turned over a significant part of what was produced as a rent payment. When poor Blacks and poor Whites left the rural farms and came into the cities, they may have found better paying jobs, but they also had to pay the landlord a large rent for housing that was often unfit for human beings. There are many parts of the world -- even in countries that are categorized as social democracies -- where this is still the case.
That $86,000 / person... my debts are only about $4,000, mostly car loans. But my employer has to service their debt before they can even ponder giving me a raise. Every business I pay for anything has to pass some of my bucks on to their bank. What I pay in taxes is skimmed before any services come back to me. I might as well be $86,000 in the hole myself. It's as if all the money in the world is running down into a pit containing the banks and their privileged low-interest few.
What's interesting about all this about "debt is a promise of labor", and also about the "shorter hours, same pay" scenario Wolfe brings up over and over online, is that there's actually PLENTY of work to do, left undone... The surplus labor and surplus Capital that don't meet, as they said at a different point (different video?). For instance, we could EASILY employ every single unemployed or underemployed American in a bullshit job in NECESSARY but neglected tasks like combating Climate Change, researching actual cures for diseases (not just treatments you have to be on forever- cures), and providing for unmet Healthcare needs including consoling/therapy and many understaffed medical specialialties... Instead, it's weak government spending on anything besides the military AND ever-growing government debt. Politicians recognize these other tasks could use up surplus labor, bit only make small efforts to invest in them FAR less than the funding levels that are actually needed and that could soak up unemployment (weak labor markets benefit the rich... in the short run...)
Thank you Profr Harvey for pointing out the fact of the debt being a claim on future labour. Something I said explaining that coined money doesn't mean artificial paper money but actual work to be extracted from the working class. The debt is in fact a future charge on the workers . The wealthy don't pay. We do.
@@johntravena119 have you ever used a credit card and then pay its charge until the full account is paid ? Mexico's debt is still the principal. While the nation has been paying only the interests to the financial institutions , the debt remains increasing. What do you think interests means??
@@johntravena119 also the supposed debt is made always in the understanding that the US government will honor the amount the banks( the corporate class ) indebted or loans to the recipient of the amount added to the " debt". This payment always comes out of the tax payers. This is the case of budget reconciliations, increments to the military , social policy , and even the bail out of the corporate class themselves. They collect even in that line of money. The federal Reserve after all is owned by the wealthy class.
I love the story about the boss who lays off half the workforce rather than cut the work day. I recall a television program-way back in the fifties-that presented an average housewife in a little apron going about her daily tasks by pushing buttons. Really! A bed just made itself at the push of a button. The voiceover went on about the new technologies that would free up lots of time for the worker, including housewives. Hmm! Even though I was only about four or five years old at the time, I never forgot that piece of propaganda.
The Electric power that would be too cheap to justify hooking up a Meter to the house, appears to have run into the reality of the Consumers picking up the Nuclear Industry Garbage Bill? Reality seems to catch up to the rhetoric? The ability to fool some of the people, some of the time....... Now faces the reality of attempting to fool all of the People, all of the time?
@@kevinschmidt2210 No, this was a bit too early for the Jetsons. Early to mid-fifties, and not animated. It was in the heels of the war and the bombing of Hiroshima and Nagasaki, when the US was feeling its technological power.Everything was possible-except changing the nature of capitalism. Of course, your guess is good. The Jetsons show us that the mentality hadn't changed.
They have sold just about all of the worst practices and products with this promise of more leisure time for the working class. If you objectively examine common daily activities of modern life, you will find that most of the things we do and the products we buy exist only to conform to useless or even destructive rituals and/or to support useless or destructive industries.
Britain has since Magna Carta been dominated by a landed aristocracy collecting the rent from producers. Your countryman Fred Harrison has documented all of this in great detail. I strongly recommend his books on the history of land monopoly and its effects. Churchill described the monopoly of land as the mother of all monopolies. If anything, it has only worsened since 1909 when Churchill wrote about the role of landed privilege in Britain.
Regarding the contradictions and social adversity of capital, two consequences are inevitable. First, when maximizing profits is defended as primary, anything and everything else must be sacrificed, which includes ethics, truth, human needs, and sustainability. Second, when the capitalist system is defended as primary, the state will be forced to ratchet-up the authoritarian response when the system falters and fails. These are the natural byproducts of an economic system erected upon coercion, which serves the abstraction of profit instead of social well-being, and ultimately functions as a system of oppressive state structural violence that protects the hegemony of white supremacy.
Is class domination more than race domination. The racial issue is a relative condition. Remember there is also a black wealthy class. An oriental wealthy , etc. They all are the same class in control.of the world capitalist market system.
Sigh. Such delusions cannot be left unchallenged. The notion of :"contradictions: has long been disproven. The maximization of profits is easy to defend. It is precisely that maximization that continually improves product quality, reduces relative prices so that ever more people can but them and guarantees that workers will be fully compensated for their labor services (as has been endlessly proven empirically) and punishes those who harm anyone with loss of market share and bankruptcy (both of which companies actively avoid. The capitalist system is easily defended, particularly from the imbecility that the state has anything whatsoever to do with capitalism whatsoever. There exists no such "coercion in capitalism at all - nor can you point to any. For that matter, as we know for a fact that the boom and bust cycle is solely the result of government action (socialism), there is no basis for the pretense that capitalism "falters and fails"/ This is Econ 101 - a subject no Marxist has any competence in (which is why Wolff is an unqualified laughingstock in the profession).
@@georgefurman4371 The race issue remains relevant and important for two reasons. First, is that American primacy represents a global hegemon, and more generally represents the entire West, which petro-dollar and global reach serves self-interested white Christian nationalism and white supremacy. Second, is that the ruling class of any nation that additionally utilizes capitalism will represent the equivalent tribal dynamics, where tribal identity demonstrates the synthesis of A. ethnocentrism, B. a binding identity (typically religion and monotheism, but could be anything including atheism), and C. ultra-nationalism (territoriality), which hegemonic identity exerts self-interested influence. The self-interested identities of human tribalism protect themselves through authoritarian institutional hierarchies, where exploitative economic systems perform a function of structural violence and social control, and where whichever particular expression of the multiracial multicultural wage labor working class exists as a second-class out-group identity. This analysis represents reductionism to evolutionary biology and identifies causality, which methodology differs from Marxist dialectics.
@@georgefurman4371 The word you're looking for for Marxists is "delusions". Marxism has been completely shredded while capitalism has proven to be the most effective anti-poverty program ever conceived by the mind of man. This, I know, is a concept alien to you. It's called objective recorded history.
Here’s what the Theory says: If we were slaves or serfs we would be the means of production, the direct property of the owner, but as such we are not slaves or serfs because we are only a means of production for 8 hours a day. SUMMATION: This relation makes us an indirect property of the owner and the owner is only an indirect employer to us, not our 24 hour master. As a means of production for only 8 hours a day this relation makes the means of production an outside force to us when it is not worked by us so, only when we are employed that the means of production and us, work together to produce value, but when we are not working, the value of the means do not become new capital, higher profits and more surplus-value and this absence of wealth is how the means works in the form it takes as private property works against the working class and only for the working class when value is being produced is the capitalist system of production. More Theory: When employed the means of production are social property and when not employed the means of production are private property. This is the arrangement of soil, water, air, land, they are used by the rules of a certain house, family or class, and not used outside of that house, family or class when the mass of workers are separated from the land, soil and air as means of production. The society and its laws are constructed on the means of production as private property is the form of society of the capitalist system. SUMMATION: A society and laws constructed on the basis of the means of the production as social property is a society that has yet to come into being in the US where we are no longer partially for 8 hours of 24 hours in a day, a means of production for a capitalist. In a socialist society the social property of the means of production have only one value, as useful they make the workers using the means useful or not to society, the pressure is on them to produce the material wealth society requires if it is to continue living. A party is always necessary because there are powerful enemies in the political arena constantly working to destroy what the workers aim to build as a society. The US labor force is ready to take over the means of production but are the American masses in support of the labor-force taking over the means?
Around the time 2 of them flew themselves in to the ground a potential employer (by freaky coincidence in airline safety training *systems* ) wanted me to fly from managed decline Manchester UK (Unhinged Kleptomania) to a country that just chopped more heads off than I have toes and fingers - I explained to them that software development does not need bones and muscles flown anywhere - as there is a new thing in the 21st century called the _Interweb_
The "conventional economist " is an apologists of the economy he wants to explain instead of study it in order to understand it. The role of that economist is not to improve its social function but only to perpetuate it.
🔥 Hindenburg 🔥 economics crashing and burning many - but not a few - like the designers who said “We didn't think - our *system* of inflating a giant bubble with flammable gas - could end so bad”
The discussions of how well Fiat Dollars would fare in a real economy, were discussed in 1970, by Economics Students. We seemed to assume that the idea was so filled with complex stupidity that it could never be successfully employed? We apparently were wrong? Reality today as Michael Hudson describes "Junk Economics" appears to be capable of selling cheap Carnival tricks to Suckers who wander the Midway, seeking a Teddy Bear.....
But as I said before and Mr. Harvey explains the objective value of debt is in its being a quantified claim of future labour to be extracted from the working class. The debt ultimately is to be paid by the people , by the majority.
What I find interesting about technology is how it’s invented by employed scientists, but the intellectual property then goes to the employer by virtue of the contract they signed
Just another example of expropriation of surplus value. Scientists perform a type of labor too. Let me tell you as a former Scientist (now disabled due to a sudden illness)- the work we do is ABSOLUTELY full of repetitive tasks necessary to produce a valuable result, and in many ways no different than factory work (even though we Scientists pride ourselves on how supposedly "special" and "detached" we are from the rest of the world- an attitude I always privately was disgusted by, and amused by the falsity of...)
Scientists may not produce industrial goods, but at the end of the day, they stull put their blood, sweat, and tears into producing something (ideas, analysis, and data) of value. Like any good made under Capitalism, that product belongs to the owners of Capital (in this case: the facility, lab, university or corporation, or even a government research grant source...), not the worker- and many Scientists find themselves exploited by for-profit, ostensibly non-profit (but with big corporate types on their Boards of Trustees.. ), or even government (owned by wealthy Capitalist donors) masters in the end...
The "Crisis" that the US State Department seems to use to describe Ukraine area conflict as presenting, appears to be the difficulty that the US will have as they face paying off the debt that appears to have gone past $31 trillion already? The CIA consuming a desire for $32 million in cash to bribe Kurds, before Iraq began, seems to be exceeding the Appropriations that discretionary spending is allowed to provide for bailing Kurds out of Jail? Will those faithful participants be allowed to linger in Persian Prisons? The US efforts to confront Russia in Economic Warfare, seem to come as the US is less well endowed, to fight Russia? Russia is a supplier of valuable resources that enable inflation to go away. Reducing the supplies of Russian assets with sanctions, appears to be a pretty poor plan? As fertilizer and Nickle become scarce, and the demand for planting and production of Stainless Steel asks for more.......Where is the US side going to find the resources that the Southern Hemisphere asks for? The economic war that NATO fought with the USSR, came as the Russians had recently departed from their adventure in Afghanistan. Now the US faced 2 Quarters of negative GDP in a row, and without the extortion that forcing European Consumers to buy LNG from the US the third quarter would have been dismal as well....... So as the sources of income dry up and Warsaw is looked upon as the source of cash, how well is the US situated to sell weapons and LNG to the planet? The economic warfare seems to demand a flow of funds that insures the Fiat Dollars are backed by the Treasury selling Bonds, now faces some complex issues as the US appears to be the Nation who is financially challenged, in the battle over Bucks? Russia, China, India presenting alternative currencies is not a new concept. Putin announced his intention to establish a Gold Standard backed currency well over 10 years ago. China seemed to join in the effort to discover Gold in Tibet. The US and British efforts to stand on the piles of Gold that they hold, seems to be getting to become a slippery pile to stand on? The 1971 change to Fiat Dollars enabled the US to delay the moment of truth to a future date. The Paulsom Bernanke plan to allow Credit Cards to replace cash as they diverted any run on the banks in 2008, now has accumulated a mountain of Consumer Debt. The US appears to be blessed with more debt than assets? How long can Bullshit sustain the economic warfare?
Reason for the issues first of all is that capitalism based on free market can't exist because free market is contradiction of itself. the perfect free market would mean that parties participating in it are on equal footing, but its based on competition on constant growth meaning that for it to be a market some one has to always be ahead and issue with that is in system of market itself. When some one is ahead they are in control of market making it their market instead of free market. Funny part about it is that capitalist agree on that and say well government regulates it to make sure every one is equal meaning their own system depends on socialist ideology to even function at base level, but if those ahead in market can take control of government then doesn't it make market even more redundant. All of the capitalist ideology is based on Utopian and unrealistic aspects of society Ironically what they say socialism is.
For Richard Wolfe to begin his economic education by thinking so far out of the rigid academic box, his mind must work in ways that are foreign to most.
When people have free time they watch tv or go on social media where they are barraged by advertising that tells them they need to buy this or that to enjoy their leisure time. A whole market develops around leisure time. Others profit off their leisure and they find their wages aren't enough, they need to work more just to buy the crap. Its a vicious cycle.
Prof. Wolfe argues here that efficiencies can lead to less time producing equal output so labor can get the same pay from less effort. In other forums, he advocates for worker owned cooperatives where work decisions are democratic. My question is - if there is an environment of 2 competing cooperatives, and both can produce with equal efficiency- one cooperative can choose to increase production and reduce price. That would seem to destabilize the “less work, same production” model. While the Marxist model works well for worker empowerment, it doesn’t change the impact of technology or competition.
Love Prof. Wolff as a fellow traveler but the worker co-op model as a means to overcoming Capitalism is a dead end that will only re-entrench Capitalist exploitation. Might even be worse considering that the project may have the end state of producing an Ideological justification even more pervasive than the contemporary one considering that workers would be even more complicit in their own exploitation. It's revolution or extinction at the end of the day.
Actually a great question! And the answer, obviously, is: "With profit as the only driver in the economy all those suggestions are only half measures."
Cooperatives are a good way to give more power to workers in a capitalist society, but it is not socialism or communism even if all companies are workers coops. Under socialism the state owns any company, which means there is no competition at all, and therefore nothing stopping the government to lower working hours instead of increasing profits.
@@7th808s i.e. democratic control over the economy. We would arrive at a point where democracy meaningfully exists instead of what it is now: a mass social ritual performed to re-legitimize relations of exploitation to the exploited.
I'm not sure I understand your argument, as why would you want to lower the price or increase production solely to be more competitive, isn't the idea of what you propose simply to make more money? If so, then making more for less, won't accomplish this unless you put the other business out of work and that doesn't truly benefit anyone short or long term.
Then do what Adam Smith suggested. Leave the capital in the hands of the workers and let them make their best decisions. Worker-owned enterprise is the best we can socially manage. Smith was scathing concerning the closed systems like mercantilism, private business, extensive land-holdings (historical, church, aristocracy), corporations, guilds and unions. Avoid the social building implications of _Wealth of Nations, and Moral Sentiments_ at your leisure. But first you have to name just one benign, far-sighted government from any moment in History. Amaze Tytler, me and yourself.
@@SlickSimulacrum I doubt if Karl truly understood the enormity of Smith's thesis. Thus he thought a form of government would remain essential to his proposal's success, despite the 'planned' brevity of the 'dictatorship'. Reason: Power is and always will be an instantly addictive, mind-altering toxin in the human brain. As history proves correct. The concept of Democracy was even more ridiculous in those days with the 'great unwashed' being genuinely illiterate, largely uninspired, with one set of good clothes, etc. Hasn't got very far either, nowadays it is deformed grotesquely by the political parties. The legislatures should be filled with independents championing their electorate's case within the purpose of the whole. But it remains the philosophical carrot that only the confluence of the two, plus Science, that can open the gates of the great society. Designed by and for those with common sense.
There is only one answer to the question, "Why didn't anybody see the 2007-2008 financial crisis coming?" It is due to the fact that because house prices had not sustained a meaningful decline in 75 yrs, all the originators, all the buyers, all the sellers, and all the insurers of the sub-prime mortgages believed it didn't matter if the borrowers defaulted, because the foreclosed house could always be resold (at a profit), and the loan repaid with the resale prodeeds. (Meaning most everybody but Dr. Rurry was stupid!!!).
Everybody saw it coming. It's just that very few of them understood what it would mean when it did, and even fewer guessed that the government would act as irresponsibly as it has ever since. BTW, for those people talking about how US debt and fiat currency are going to lead us to collapse, look at how the global financial system already reacted to that threat. If we go down, everyone goes down, so they are not going to allow us to go down any time soon.
@@rickb3650 The thing is every one printing fiat money on record levels and its like watching wave hit a sand castle you can put in as much sand as you want in it but when wave hits castle is gone.
Owner "risk" by numbers on the screen and workers consume their real life for some one else profit. ... It feels wonderful to harvest fruits of some one else labor, by suggested to imagine a scam and paper with symbols on it. It is like taking a candy from the kid in exchange for 'As of Spade' card.
One of the most insidious elements of capitalist crisis that I've found impossible to ignore in our Twitter age is what I'll call "crisis optimism" -- investors cheering on a crisis for the sake of "buying the dip." I look at this and I'm just left scratching my head because it's so obvious that investors Capitalizing on crisis is exactly what fuels it. Cynical investment for gambling purposes and nothing more
I think the official term for what you are describing is "disaster capitalism"--the practice of taking financial advantage of natural or human-made crisis/disasters and unstable social, political, or economic situations.
Do you think it is reasonable to cyclicly move a large sealed robust container of water (a large thermal mass) back and forth between a stove and a freezer without needing power In the long run? You aren't making any permenent changes as you alternately melt and freeze the water inside. The container and its water aren't becoming less orderly as the exercise continues. What can you imagine being done with abundant anywhere anytime scalable rugged reliable safe electricity and refrigeration? Cell phones wouldn't die or need power cords or batteries They would cool when transmiting radio signal power. Frozen food storage would be reliable and free or value positive. That means homes and markets would have independent power to preserve food. Vehicles wouldn't need fuel or fueling stops. Elevators would be very reliable with independent power. Water and sewage pumps may be placed anywhere. Nomads could raise their material supports carefully with few social obsticals. Zone refining would involve little net power. Reducing Bauxite to Aluminum, Rutile to Titanium, and Magnetite to Iron, would have a net cooling effect. With enough cheap power H2O and CO2 levels in the biosphere could be modified. There should be an agency to look after our planetary concerns. Here is a thought experiment device that creates self powered thermal diversification. The thought experiment device is impractical but easy to visualize and check for mechanical workability. It's parts are large enough to act as everyday materials but small enough to work well with the microscopic thermal motions of gas molecules. Sketch made with keyboard characters: COLD ROOM ())--:WALL:-->> HOT ROOM Key ()) = Paddlewheel. -- = Axle. (Continuous from end to end) : : = Axle tunnel going through a wall. >> = Lumped friction element Please visualize two roome full of air separated by a very thin wall that allows the rooms to hold their heat independently with minor leakage through the wall. The wall is thin to delicately support billions of separate nanometer scale short axles running straight through loosely enough to rotate freely but not leak very much heat so the rooms can hold separate temperatures. On the left side, a very small paddlewheel is mounted at the left end of each axle. On the right side, lumped friction elements are mounted stationary in place on the wall, one for each axle, for the right end of each axle to run through. The lumped friction elements convert the mechanical rotation of their axle into heat. The lumped friction elements do not impart Brownian motion to their axle. Brownian motion (a nanometer scale effect) turns the paddlewheels at random speeds randomly clockwise or counterclockwise. This random rotation is turned into heat by the lumped friction elements. The committed, linked, and functional roles of the paddlewheels, axles, and lumped friction elements in differnt places should systemically produce a divergence in the thermal energy in the two rooms without adding external energy. I was granted patent US3890161A Diode array for a refrigerator that coproduces cooling and electrical power via the intermediary of a multitude of consistantly aligned diodes which rectify and aggregate the brownian motion of internal mobile electrons. This means a refrigerator in your house would export electricity instead of consuming it. Air conditioners in breezy tropical homes could send power to heat reasonably insulated homes in cold climates. An elegant way to power our civilization would be to borrow some ambient thermal energy from the planetary air water or ground, change its form to electrical energy, use the electrical energy for heat, light, motors or electronic devices as we wish and let the heat released by these uses return to the ambient. The patent was filed in 1973 so this wonderful widely useable balanced free energy could have been realized in the seventies and developed without any patent exclusionary power since 1992. Hypothetically there are noncabilistic historical, social, political, economic and educational forces aligned aginst it. Here is a hypothetical practical method with the working name thermary: The thermary mainly consists of two electrodes closely face to face (~1 micrometer) in a vacuum wired to an external electrical load. The face of the [Emitter] electrode is covered with a uniform array of LaB6 tipped small diameter carbon nanotubes grown straight out. The face of the [Absorber] electrode is covered with small scale graphine flake char. [Rice U 2014] Thermal energy mobilized unattached electrons will tend to free themselves outward from the emitter tips and drift at ~1 million meters / second @ 25 millivolts (thermal electron energy @ 20 C) to the absorber which tends to collect them. A negative charge accumulates on the absorber. This repels oncoming electrons slowing their forward drift, cooling them. The absorber electrode charge is simultaneously the repelling cooling and the external electrical load voltage. The drift current and external wire route current are the same. The DC electrical power consumed by the electrical load depends on the load resistance. Thermal energy absorption always equals the electrical yield. Wire resistance is a practical loss not a true loss so lt is overcome by added thermary output. The extra cooling balances the heat given off by the wire loss. The performance of the device is expected to be modest in the beginning but improve rapidly. Even early devices are expected to last a long time. There is little place for obsolence if the first installed thermary works adequately. They will withstand being short circuited indefinately up to an electromigration limit. Aloha Charles M Brown lll Kilauea, Kauai HI 96754
Even with the current dip in the market I'm still glad can smile back at my portfolio of $32,500 built from my weekly trade, all thanks to my advisor fergus Waylen
@@georgebasonathan4784 The fluctuations of the market only affect those that hodl coins, but traders makes money on both sides, when it's bearish they go short when it's bullish they go long... The best strategy to use in trading crypto is to trade with a professional, like Fergus waylen he understand the market quite well, that way maximum profits are guaranteed.
I'm honestly surprised that this name is being mentioned here, I stumbled upon one of his clients testimony last two months in CNBC world news and decided to try him out...I'm Expecting my third cashout in 2days
I have also been trading with him and the profits are secured and over a 100% return on investment directly sent to your wallet. Lack of trade discipline is the primary reason for in day trade losses. It is estimated that nearly 80-85% of day traders end up losing money in the stock market
I guess I do not understand. He wrote a book called “the system is the sickness”. If that is so, why do you insist on using the same system to fix the problem? if only you understood that rich people steal capital through unfair currency exchange.
Because revolutionary change is kind of off the table right now? Trust me, there will be a day when the US Empire eventually comes crashing down and radical change is possible- all empires eventually fall, in the end. This is a fact of history: and nothing makes the US particularly special. For now, though, they're working with the tools available to them...
It’s unfair to say that right wing economists don’t read Marx or don’t accept that capitalism is crisis prone. But they think that financial markets will eventually correct things
If we were to discuss the fact that even Commies used Cash, we return to the basic discussion of the validity of Capital, as some fact that will endure? As the Nations of the World report economic distress, and the US has a Salesman on every streetcorner selling Weapons Systems to sustain an Oily Democracy where money buys the names on a Ballot, we now seem to have arrived at a point in the evolution of money, from coins minted by Sumerians, to imaginary Cions sold by the billions to Suckers on the Internet. How far can you inflate a Fiat Dollar? Is Capitalism now facing challenges that it seems unable to overcome?
They are WRONG! The market will not straighten out fundamental instability that repeatedly wrecks our lives. This is a wobbly economic system. Capitalism fails regularly and workers who don't have enough accumulated to weather the busts, recessions, bubbles, pandemics and inflations lose homes, apartments, jobs, savings and hope!
X-Files Humans vs. Alien Vampires Economic growth measures the rapid rate at which the hostile alien vampires (greed) are sucking the joy out of life and devouring the planet. Not progress. Profits measure the amount of darkness (greed) that a vampires giant black hole in space called 'ego' posseses. Not brilliance. Lots of expensive yachts, rockets and things measure the pride and im of a vampires ego. Not intelligence. Unlike earthling poets, artists, musicians, mystics, human beings and creators of joy.. the capitalist counting corpses that rule US can't create harmony (real intelligence) because vampires (greed) are ignorant (dead). Vampires (greed) who suck the joy out of life have joined the zombies who eat the futures of their children. Zombie Apocalypse is here and happening now.
Exactly the nature of the social class hoarding wealth for the sake of self fulfilling wampiry embodiment . They are those monstrous parasites of the Lumley fictions that inhabit their aeries built out of the corpses of their hosts.
Well other than coops, whining about it is not terribly useful. Steve Keen is doing something about a mathematically sound and empirically based economic theory with a modeling system, that dumps the flawed theory of neoclassical. He is actually approaching the *other* issue that Marx and other economists have noted:the financial system leads to crisis. And from other sources, the suggestions of Creutz in Das Geld Syndrom, Friegeld is one such monetary system that offers a way out of an existential need for growth in any economy due to interest
@@rickb3650 Well slight aside, I am a bit beyond complaining about how our economic order is driven by profits. Beyond democracy in the workplace, the financial system must also change. Interest rates are not only bad they concentrate wealth and are systemically prone to crisis. Even a reasonable survey of the field yields this fact. Oh and Professor Steve Keen is an economist debunking standard economics and putting it on a solid theoretical ground. Look him up. There are hours of talks.
So don't move, don't take the risk, and starve. See you have just eliminated risk and guaranteed the result. So you keep all your employees and pay them the same but cut their hours in half. But you still have to pay for the machine, the energy to run it, and the cost of maintenance...so where you had a profit, you now have a loss, go out of business, and all your employees are out of work. Ah, the contradictions of socialism...all easily exposed, all because neither of these two understand "science" or what the definition of "capitalism" is and they apparently don't do math very well either.
The point is not eliminating risk it's to show the double standard of reward of risk going one way instead of being spread more equally. Second the largest expense the vast majority of companies have to pay is wages. Buying new machines saves on their expenses and therefore increases profits or else capitalist wouldn't do it. So yes without firing the workers but having more profitability would lead to more leisure time. Sure it's not one to one basis in that the machine doubles productivity so we can cut the hours worked by half or that his profits would automatically double because as you mentioned there are energy and maintenance costs. However the point still stands that that the capitalist is pocketing the excess profits for the machine purchase and firing the workers because of increased productivity instead of keeping the workers or the majority and instead give them the extra time for more leisure with same pay per week. Wolff and Harvey are using simple examples to illustrate that, you know get your mind thinking, using some critical thought. Guess you couldn't figure that out and took whole face. Maybe your lacking in such departments?
Give up Galt! You are illogical AGAIN! The most expensive cost of most businesses is wages. Capitalism requires business to keep pressure on wages to maximize profit. That's fundamental. If you cut the hours and reduce the cost of wages you still can keep the business running. People may not have full salary but they still have something. Unemployment INSURANCE (not a handout, it is paid for by prepaid taxes) can make up a sufficient income to weather an emergency. The enterprise survives, the employees survive and the imbalances can be dealt with logically with such a system. Employers have the ability to weather a crisis because they have been profitable in prior years but employees never keep up with the cost of living because employers always maximize profit on the back of employees. Either they demand more productivity or they lower wages, or both. Profit maximization is the reason we never get out from under the weight of our economic stress. J. Gault is a Nazi. He admitted it in a post I read and I never forgot that his fascist propaganda is full of holes. He pretends that National Socialism is a kind of Socialism. That's a lie. It's Nazi propaganda because fascism is an alliance between the rich, the government and the military/police to keep power in the hands of a strongman. That's not the people owning the means of production and democratically making decisions about their jobs, their lives and their government. J. Gault is a true Hitler loving Nazi. Never forget it.
@@highestpants1340 First, from the title, it looks like "the POINT" was an attempt to demonstrate that "conventional economists" hate contradictions...and that the examples that supposedly did this were...claiming that the "risks" were unequal, and in the second by claiming the increase in productivity was due to the workers, rather than the machine. The first attempt fails because the example of risk is exaggerated...as in moving to another town. Why not across the street or down the block? The second fails because it totally neglects the costs indicated, and therefore the claim that nothing has changed in terms of profit, is an obvious lie. And their simple-minded examples definitely did get me thinking...and many conventional economists also, as soon as Marx spouted this nonsense...and it was rejected. ( and it also failed ) Apparently, it didn't get you thinking...and your claims have to be defended...so other than proving you are bad at math in both instances and have no clue what the expenses of a business because you have no evidence to support your claim that "wages" are the major expense. Even the language used is deliberately deceptive...since it is not worker productivity that has been doubled, but that of the factory production...as an entirety while actual worker production has been cut in half. But feel free to keep trying...although it will only get worse, because them contradictions are rather stark and obvious to those of us who can reason and think critically.
A machine hasn't been and never will be more expensive than paying a wage. The machine does not require daily sustenance, water, or food. In the hypothetical (a legitimate picture) it is literally stated there is no change in the production. Instead the socially necessary labour time to produce ten hats goes down, and the workers now work half the time. The supply and demand stays the same (still ten hats on the market) instead the workers work for half the time.
![Global Capitalism: The U.S. Election and Trump 2.0 in Historical Perspective [November 2024]](http://i.ytimg.com/vi/0-WR6Zq7Qec/mqdefault.jpg)
The lack of free time is by design. Because when there is free time it provides opportunities to reflect and think about things. That’s a dangerous thing to those in power. People might start to “forget their place”.
So true, it's regurgitated in our media of the US to drill the point you just made. We can actually hear and see it.
Joe Sixpack has no money to do anything but shop at the grocery store. Places are packed at 2:00pm on Tuesday.
Sometimes you are rewarded with just enough free time to maintain acceptable levels of productivity for your pay masters, and with on-demand entertainment and travel destinations existing (if you are allowed to afford these), the 'problem' of using your free time to reflect on the state of things is anything but possible.
meanwhile their passive income allows them the leisure time to obsess over their currency addiction in full comfort.
Right. Also, no time to organize, protest or revolt
Watching from Egypt, David Harvey & Richard Wolff became my idols in economics. Day by day I can see exactly what they predicted about capitalist neoliberal economies happening in my country. An unnecessarily cruel first-hand experience. To all Americans, save yourselves from these exiploitative systems and you might just save the world in the process.
Unfortunately, our rulers control thousands of hydrogen bombs. That makes them rather difficult to dislodge.
Mohamed El Erian has presented some economic considerations in as polite a manner as NBC executives allow. His Egyptian roots indicate he has some background in the study of Economics.
Jim Rickards offers that we face a lack of Capital.
The World appears to report Nations all the way around the Mediterranean Sea who report financial difficulties.
Sri Lanka is not the only Nation in distress, The European Union apparently is swapping Euros, back and forth between Bonn and Paris to provide an image of a positive GDP.
The US would have reported a third quarter of negative GDP growth if not for extorting money from Europe with LNG.
We appear to be facing a crisis of Capitalism, that actually threatens the use of Capital as a measure of value?
We appear to be faced with deciding if Capitalism is worthy of our participation?
Wouldn't it be pf more value to make idols of people who actually have a grasp of economics instead of a complete laughingstock in the economics profession and a geographer with no economic training (or understanding) whatsoever?
We Americans are such victims of these "exploitative systems" that we have the highest paid workers in the world (at all income levels), the wealthiest poor, by far, with our poorest 20% living better than the middle class in nearly every other country on earth, including such countries as Canada, the UK, Australia, Sweden and Denmark. the highest quality health care in the world (readily accessible despite fairy tales to the contrary) and one of the highest living standards, surpassed only by a handful of much smaller and arguably more capitalistic countries including the tiny banking/gambling enclaves of Luxembourg, Liechtenstein, Monaco and Switzerland plus Ireland and Singapore.
I'm not sure where you git the asinine notion that Egypt magically became a capitalist country. Conditions were far worse under Nasser and while Sadat and Mubarak opened up certain areas of the economy, still others remain tightly controlled. That, coupled with political and legal instability caused poverty levels and unemployment to remain relatively high. Put simply, it was the continued failure yo dully embrace capitalism and the ignorance that blames the failure to achieve objectives that required more capitalism upon capitalism itself that has fueled the unrest. Ideas such as those espoused by Marxists will do nothing but condemn your country to poverty and misery (the only thing they have ever resulted in in all of human history) for years to come.
You picked the wrong guy as an idol. My as a comedian. It’s funny how they hack on other economist when they tout the most failed economic system in history
Funny how these guys tout the most failed economic system in history. Marx is to economics as L,Ron Hubbard was to religion. No economic system caused more poverty, death and corruption that Marxism. These guys sound like a comedy act
Noam Chomsky pointed out , long before 2007-8, that collapse and bailout for the rich was inevitable.
"bailout for the rich was inevitable" -- because they own the government... in reality.
he also said that ffackseen refusnicks were criminal...
@@ministryoftruth8090 Typical right winger. The wealthy get all the profit, when things go good and working people get all the blame when they go bad.
@@fatfrreddy1414 u wot m9?
many people pointed it out before chomsky. chomsky is kind of an opportunist tbh, not a good person to look towards for answers. When he is right, his answers always come from someone else. Even his most famous book is just a rehashing of a book wrote like 5 years earlier by someone who DIDN'T work for MIT and the state department for years.
thank god his linguistics work ended up being bunk science that failed to produce any results, or we'd have even more intelligent predator drones lmao
"Debt is a promise of future labor." Never been said so clearly. Heavily indebted people and nations are just compulsory workers, modern-day slavery where you're not even obliged to feed and house your slaves.
Yes. I've always thought of it as "money is a promise to do work later". A dollar bill is really an IOU. So when the government goes into debt it's like someone else taking out a loan in your name for you which you didn't approve.
If not actually slaves, a significant percentage of low-income individuals are much the same as those sharecroppers who worked the land owned by others and turned over a significant part of what was produced as a rent payment. When poor Blacks and poor Whites left the rural farms and came into the cities, they may have found better paying jobs, but they also had to pay the landlord a large rent for housing that was often unfit for human beings. There are many parts of the world -- even in countries that are categorized as social democracies -- where this is still the case.
That $86,000 / person... my debts are only about $4,000, mostly car loans. But my employer has to service their debt before they can even ponder giving me a raise. Every business I pay for anything has to pass some of my bucks on to their bank. What I pay in taxes is skimmed before any services come back to me. I might as well be $86,000 in the hole myself. It's as if all the money in the world is running down into a pit containing the banks and their privileged low-interest few.
What's interesting about all this about "debt is a promise of labor", and also about the "shorter hours, same pay" scenario Wolfe brings up over and over online, is that there's actually PLENTY of work to do, left undone...
The surplus labor and surplus Capital that don't meet, as they said at a different point (different video?).
For instance, we could EASILY employ every single unemployed or underemployed American in a bullshit job in NECESSARY but neglected tasks like combating Climate Change, researching actual cures for diseases (not just treatments you have to be on forever- cures), and providing for unmet Healthcare needs including consoling/therapy and many understaffed medical specialialties...
Instead, it's weak government spending on anything besides the military AND ever-growing government debt. Politicians recognize these other tasks could use up surplus labor, bit only make small efforts to invest in them FAR less than the funding levels that are actually needed and that could soak up unemployment (weak labor markets benefit the rich... in the short run...)
Thank you Profr Harvey for pointing out the fact of the debt being a claim on future labour. Something I said explaining that coined money doesn't mean artificial paper money but actual work to be extracted from the working class. The debt is in fact a future charge on the workers . The wealthy don't pay. We do.
Where can I learn more about how this happens?
@@johntravena119 have you ever used a credit card and then pay its charge until the full account is paid ? Mexico's debt is still the principal. While the nation has been paying only the interests to the financial institutions , the debt remains increasing. What do you think interests means??
@@georgefurman4371 Yeah, I see what you mean. Hadn’t thought of it that way.
@@johntravena119 also the supposed debt is made always in the understanding that the US government will honor the amount the banks( the corporate class ) indebted or loans to the recipient of the amount added to the " debt". This payment always comes out of the tax payers. This is the case of budget reconciliations, increments to the military , social policy , and even the bail out of the corporate class themselves. They collect even in that line of money. The federal Reserve after all is owned by the wealthy class.
@@georgefurman4371 Like what Mandela said about poverty - that it’s man made (not a natural occurrence) and therefore it can be changed.
I love the story about the boss who lays off half the workforce rather than cut the work day. I recall a television program-way back in the fifties-that presented an average housewife in a little apron going about her daily tasks by pushing buttons. Really! A bed just made itself at the push of a button. The voiceover went on about the new technologies that would free up lots of time for the worker, including housewives. Hmm! Even though I was only about four or five years old at the time, I never forgot that piece of propaganda.
The Electric power that would be too cheap to justify hooking up a Meter to the house, appears to have run into the reality of the Consumers picking up the Nuclear Industry Garbage Bill?
Reality seems to catch up to the rhetoric?
The ability to fool some of the people, some of the time.......
Now faces the reality of attempting to fool all of the People, all of the time?
I think you were watching the Jetsons.
@@kevinschmidt2210 No, this was a bit too early for the Jetsons. Early to mid-fifties, and not animated. It was in the heels of the war and the bombing of Hiroshima and Nagasaki, when the US was feeling its technological power.Everything was possible-except changing the nature of capitalism. Of course, your guess is good. The Jetsons show us that the mentality hadn't changed.
They have sold just about all of the worst practices and products with this promise of more leisure time for the working class. If you objectively examine common daily activities of modern life, you will find that most of the things we do and the products we buy exist only to conform to useless or even destructive rituals and/or to support useless or destructive industries.
@@rickb3650 We seem to be capable of much greater achievements without money standing in the way?
The situation described in the beginning is exactly the situation in the UK.
Also here in Iceland. The economy is swimming in money but at the same time we're doing fairly hardcore austerity. Outrageous
Britain has since Magna Carta been dominated by a landed aristocracy collecting the rent from producers. Your countryman Fred Harrison has documented all of this in great detail. I strongly recommend his books on the history of land monopoly and its effects. Churchill described the monopoly of land as the mother of all monopolies. If anything, it has only worsened since 1909 when Churchill wrote about the role of landed privilege in Britain.
Regarding the contradictions and social adversity of capital, two consequences are inevitable. First, when maximizing profits is defended as primary, anything and everything else must be sacrificed, which includes ethics, truth, human needs, and sustainability. Second, when the capitalist system is defended as primary, the state will be forced to ratchet-up the authoritarian response when the system falters and fails. These are the natural byproducts of an economic system erected upon coercion, which serves the abstraction of profit instead of social well-being, and ultimately functions as a system of oppressive state structural violence that protects the hegemony of white supremacy.
Is class domination more than race domination. The racial issue is a relative condition. Remember there is also a black wealthy class. An oriental wealthy , etc. They all are the same class in control.of the world capitalist market system.
Sigh. Such delusions cannot be left unchallenged. The notion of :"contradictions: has long been disproven. The maximization of profits is easy to defend. It is precisely that maximization that continually improves product quality, reduces relative prices so that ever more people can but them and guarantees that workers will be fully compensated for their labor services (as has been endlessly proven empirically) and punishes those who harm anyone with loss of market share and bankruptcy (both of which companies actively avoid. The capitalist system is easily defended, particularly from the imbecility that the state has anything whatsoever to do with capitalism whatsoever. There exists no such "coercion in capitalism at all - nor can you point to any. For that matter, as we know for a fact that the boom and bust cycle is solely the result of government action (socialism), there is no basis for the pretense that capitalism "falters and fails"/ This is Econ 101 - a subject no Marxist has any competence in (which is why Wolff is an unqualified laughingstock in the profession).
@@FletchforFreedom illusions.
@@georgefurman4371 The race issue remains relevant and important for two reasons. First, is that American primacy represents a global hegemon, and more generally represents the entire West, which petro-dollar and global reach serves self-interested white Christian nationalism and white supremacy. Second, is that the ruling class of any nation that additionally utilizes capitalism will represent the equivalent tribal dynamics, where tribal identity demonstrates the synthesis of A. ethnocentrism, B. a binding identity (typically religion and monotheism, but could be anything including atheism), and C. ultra-nationalism (territoriality), which hegemonic identity exerts self-interested influence. The self-interested identities of human tribalism protect themselves through authoritarian institutional hierarchies, where exploitative economic systems perform a function of structural violence and social control, and where whichever particular expression of the multiracial multicultural wage labor working class exists as a second-class out-group identity. This analysis represents reductionism to evolutionary biology and identifies causality, which methodology differs from Marxist dialectics.
@@georgefurman4371 The word you're looking for for Marxists is "delusions". Marxism has been completely shredded while capitalism has proven to be the most effective anti-poverty program ever conceived by the mind of man. This, I know, is a concept alien to you. It's called objective recorded history.
Here’s what the Theory says: If we were slaves or serfs we would be the means of production, the direct property of the owner, but as such we are not slaves or serfs because we are only a means of production for 8 hours a day.
SUMMATION: This relation makes us an indirect property of the owner and the owner is only an indirect employer to us, not our 24 hour master. As a means of production for only 8 hours a day this relation makes the means of production an outside force to us when it is not worked by us so, only when we are employed that the means of production and us, work together to produce value, but when we are not working, the value of the means do not become new capital, higher profits and more surplus-value and this absence of wealth is how the means works in the form it takes as private property works against the working class and only for the working class when value is being produced is the capitalist system of production.
More Theory: When employed the means of production are social property and when not employed the means of production are private property. This is the arrangement of soil, water, air, land, they are used by the rules of a certain house, family or class, and not used outside of that house, family or class when the mass of workers are separated from the land, soil and air as means of production. The society and its laws are constructed on the means of production as private property is the form of society of the capitalist system.
SUMMATION: A society and laws constructed on the basis of the means of the production as social property is a society that has yet to come into being in the US where we are no longer partially for 8 hours of 24 hours in a day, a means of production for a capitalist. In a socialist society the social property of the means of production have only one value, as useful they make the workers using the means useful or not to society, the pressure is on them to produce the material wealth society requires if it is to continue living. A party is always necessary because there are powerful enemies in the political arena constantly working to destroy what the workers aim to build as a society.
The US labor force is ready to take over the means of production but are the American masses in support of the labor-force taking over the means?
Boeing put up a plane with system errors.
Around the time 2 of them flew themselves in to the ground a potential employer (by freaky coincidence in airline safety training *systems* ) wanted me to fly from managed decline Manchester UK (Unhinged Kleptomania) to a country that just chopped more heads off than I have toes and fingers - I explained to them that software development does not need bones and muscles flown anywhere - as there is a new thing in the 21st century called the _Interweb_
I’m liking these Democracy at Work dual lectures, Harriet Fraad should join the next one!
‘Moral hazard.’ No doubt the founders of capitalism had to be Puritan or Calvinist.
Hi how are you, still you are educating people
Precarity is profitable in capitalist America.
The "conventional economist " is an apologists of the economy he wants to explain instead of study it in order to understand it. The role of that economist is not to improve its social function but only to perpetuate it.
Milton Friedman comes to mind.
🔥 Hindenburg 🔥 economics crashing and burning many - but not a few - like the designers who said “We didn't think - our *system* of inflating a giant bubble with flammable gas - could end so bad”
The discussions of how well Fiat Dollars would fare in a real economy, were discussed in 1970, by Economics Students.
We seemed to assume that the idea was so filled with complex stupidity that it could never be successfully employed?
We apparently were wrong?
Reality today as Michael Hudson describes "Junk Economics" appears to be capable of selling cheap Carnival tricks to Suckers who wander the Midway, seeking a Teddy Bear.....
If you put all the economists end to end...they still wouldn't come to a conclusion.
The risk they take comes w bankruptcy loop holes & they have access to near 0% money
Money is debt. Debt is money. Literally.
But as I said before and Mr. Harvey explains the objective value of debt is in its being a quantified claim of future labour to be extracted from the working class. The debt ultimately is to be paid by the people , by the majority.
Thats how its been all my life. Surplus wealth surplus workers.
The risk is with the stock money and no longer includes the worker . Isn't it like playing the hoses ?
What I find interesting about technology is how it’s invented by employed scientists, but the intellectual property then goes to the employer by virtue of the contract they signed
Just another example of expropriation of surplus value.
Scientists perform a type of labor too. Let me tell you as a former Scientist (now disabled due to a sudden illness)- the work we do is ABSOLUTELY full of repetitive tasks necessary to produce a valuable result, and in many ways no different than factory work (even though we Scientists pride ourselves on how supposedly "special" and "detached" we are from the rest of the world- an attitude I always privately was disgusted by, and amused by the falsity of...)
Scientists may not produce industrial goods, but at the end of the day, they stull put their blood, sweat, and tears into producing something (ideas, analysis, and data) of value.
Like any good made under Capitalism, that product belongs to the owners of Capital (in this case: the facility, lab, university or corporation, or even a government research grant source...), not the worker- and many Scientists find themselves exploited by for-profit, ostensibly non-profit (but with big corporate types on their Boards of Trustees.. ), or even government (owned by wealthy Capitalist donors) masters in the end...
The "Crisis" that the US State Department seems to use to describe Ukraine area conflict as presenting, appears to be the difficulty that the US will have as they face paying off the debt that appears to have gone past $31 trillion already?
The CIA consuming a desire for $32 million in cash to bribe Kurds, before Iraq began, seems to be exceeding the Appropriations that discretionary spending is allowed to provide for bailing Kurds out of Jail? Will those faithful participants be allowed to linger in Persian Prisons?
The US efforts to confront Russia in Economic Warfare, seem to come as the US is less well endowed, to fight Russia? Russia is a supplier of valuable resources that enable inflation to go away. Reducing the supplies of Russian assets with sanctions, appears to be a pretty poor plan?
As fertilizer and Nickle become scarce, and the demand for planting and production of Stainless Steel asks for more.......Where is the US side going to find the resources that the Southern Hemisphere asks for?
The economic war that NATO fought with the USSR, came as the Russians had recently departed from their adventure in Afghanistan.
Now the US faced 2 Quarters of negative GDP in a row, and without the extortion that forcing European Consumers to buy LNG from the US the third quarter would have been dismal as well.......
So as the sources of income dry up and Warsaw is looked upon as the source of cash, how well is the US situated to sell weapons and LNG to the planet?
The economic warfare seems to demand a flow of funds that insures the Fiat Dollars are backed by the Treasury selling Bonds, now faces some complex issues as the US appears to be the Nation who is financially challenged, in the battle over Bucks?
Russia, China, India presenting alternative currencies is not a new concept. Putin announced his intention to establish a Gold Standard backed currency well over 10 years ago. China seemed to join in the effort to discover Gold in Tibet. The US and British efforts to stand on the piles of Gold that they hold, seems to be getting to become a slippery pile to stand on?
The 1971 change to Fiat Dollars enabled the US to delay the moment of truth to a future date. The Paulsom Bernanke plan to allow Credit Cards to replace cash as they diverted any run on the banks in 2008, now has accumulated a mountain of Consumer Debt.
The US appears to be blessed with more debt than assets?
How long can Bullshit sustain the economic warfare?
Reason for the issues first of all is that capitalism based on free market can't exist because free market is contradiction of itself. the perfect free market would mean that parties participating in it are on equal footing, but its based on competition on constant growth meaning that for it to be a market some one has to always be ahead and issue with that is in system of market itself.
When some one is ahead they are in control of market making it their market instead of free market. Funny part about it is that capitalist agree on that and say well government regulates it to make sure every one is equal meaning their own system depends on socialist ideology to even function at base level, but if those ahead in market can take control of government then doesn't it make market even more redundant. All of the capitalist ideology is based on Utopian and unrealistic aspects of society Ironically what they say socialism is.
One man's indebtedness is another man's investment.
When I took economics, they told me that you only have to be correct 15% of the time to be considered a good economist.
Not only is that an (obvious) lie bit even if it were true, Wolff falls 15% short.
For Richard Wolfe to begin his economic education by thinking so far out of the rigid academic box, his mind must work in ways that are foreign to most.
I dunno. No duybt untold thousands of asylum residents and street people are that disconnected from reality.
I know this is rather a side comment, but Is Mr. Harvey a fan of the «late departed queen» ?
When people have free time they watch tv or go on social media where they are barraged by advertising that tells them they need to buy this or that to enjoy their leisure time. A whole market develops around leisure time. Others profit off their leisure and they find their wages aren't enough, they need to work more just to buy the crap. Its a vicious cycle.
Prof. Wolfe argues here that efficiencies can lead to less time producing equal output so labor can get the same pay from less effort. In other forums, he advocates for worker owned cooperatives where work decisions are democratic. My question is - if there is an environment of 2 competing cooperatives, and both can produce with equal efficiency- one cooperative can choose to increase production and reduce price. That would seem to destabilize the “less work, same production” model. While the Marxist model works well for worker empowerment, it doesn’t change the impact of technology or competition.
Love Prof. Wolff as a fellow traveler but the worker co-op model as a means to overcoming Capitalism is a dead end that will only re-entrench Capitalist exploitation. Might even be worse considering that the project may have the end state of producing an Ideological justification even more pervasive than the contemporary one considering that workers would be even more complicit in their own exploitation.
It's revolution or extinction at the end of the day.
Actually a great question! And the answer, obviously, is: "With profit as the only driver in the economy all those suggestions are only half measures."
Cooperatives are a good way to give more power to workers in a capitalist society, but it is not socialism or communism even if all companies are workers coops. Under socialism the state owns any company, which means there is no competition at all, and therefore nothing stopping the government to lower working hours instead of increasing profits.
@@7th808s i.e. democratic control over the economy. We would arrive at a point where democracy meaningfully exists instead of what it is now: a mass social ritual performed to re-legitimize relations of exploitation to the exploited.
I'm not sure I understand your argument, as why would you want to lower the price or increase production solely to be more competitive, isn't the idea of what you propose simply to make more money? If so, then making more for less, won't accomplish this unless you put the other business out of work and that doesn't truly benefit anyone short or long term.
Money transforms from private property to personal property the day it's burned for warmth.
Then do what Adam Smith suggested. Leave the capital in the hands of the workers and let them make their best decisions. Worker-owned enterprise is the best we can socially manage. Smith was scathing concerning the closed systems like mercantilism, private business, extensive land-holdings (historical, church, aristocracy), corporations, guilds and unions. Avoid the social building implications of _Wealth of Nations, and Moral Sentiments_ at your leisure. But first you have to name just one benign, far-sighted government from any moment in History. Amaze Tytler, me and yourself.
@@SlickSimulacrum I doubt if Karl truly understood the enormity of Smith's thesis. Thus he thought a form of government would remain essential to his proposal's success, despite the 'planned' brevity of the 'dictatorship'. Reason: Power is and always will be an instantly addictive, mind-altering toxin in the human brain. As history proves correct.
The concept of Democracy was even more ridiculous in those days with the 'great unwashed' being genuinely illiterate, largely uninspired, with one set of good clothes, etc. Hasn't got very far either, nowadays it is deformed grotesquely by the political parties. The legislatures should be filled with independents championing their electorate's case within the purpose of the whole.
But it remains the philosophical carrot that only the confluence of the two, plus Science, that can open the gates of the great society. Designed by and for those with common sense.
There is only one answer to the question, "Why didn't anybody see the 2007-2008 financial crisis coming?" It is due to the fact that because house prices had not sustained a meaningful decline in 75 yrs, all the originators, all the buyers, all the sellers, and all the insurers of the sub-prime mortgages believed it didn't matter if the borrowers defaulted, because the foreclosed house could always be resold (at a profit), and the loan repaid with the resale prodeeds. (Meaning most everybody but Dr. Rurry was stupid!!!).
Some people did see it coming. They even made a movie about it.
Everybody saw it coming. It's just that very few of them understood what it would mean when it did, and even fewer guessed that the government would act as irresponsibly as it has ever since.
BTW, for those people talking about how US debt and fiat currency are going to lead us to collapse, look at how the global financial system already reacted to that threat. If we go down, everyone goes down, so they are not going to allow us to go down any time soon.
@@rickb3650 The thing is every one printing fiat money on record levels and its like watching wave hit a sand castle you can put in as much sand as you want in it but when wave hits castle is gone.
Owner "risk" by numbers on the screen and workers consume their real life for some one else profit. ... It feels wonderful to harvest fruits of some one else labor, by suggested to imagine a scam and paper with symbols on it. It is like taking a candy from the kid in exchange for 'As of Spade' card.
One of the most insidious elements of capitalist crisis that I've found impossible to ignore in our Twitter age is what I'll call "crisis optimism" -- investors cheering on a crisis for the sake of "buying the dip." I look at this and I'm just left scratching my head because it's so obvious that investors Capitalizing on crisis is exactly what fuels it. Cynical investment for gambling purposes and nothing more
The direct result of what we've trained to call reaganomics.
I think the official term for what you are describing is "disaster capitalism"--the practice of taking financial advantage of natural or human-made crisis/disasters and unstable social, political, or economic situations.
Working one day a week for basic necessities seems reasonable… I have often guesstimated two. ✌🏼
Do you think it is reasonable to cyclicly move a large sealed robust container of water (a large thermal mass) back and forth between a stove and a freezer without needing power In the long run? You aren't making any permenent changes as you alternately melt and freeze the water inside. The container and its water aren't becoming less orderly as the exercise continues.
What can you imagine being done with abundant anywhere anytime scalable rugged reliable safe electricity and refrigeration?
Cell phones wouldn't die or need power cords or batteries
They would cool when transmiting radio signal power. Frozen food storage would be reliable and free or value positive. That means homes and markets would have independent power to preserve food. Vehicles wouldn't need fuel or fueling stops. Elevators would be very reliable with independent power. Water and sewage pumps may be placed anywhere. Nomads could raise their material supports carefully with few social obsticals. Zone refining would involve little net power. Reducing Bauxite to Aluminum, Rutile to Titanium, and Magnetite to Iron, would have a net cooling effect. With enough cheap power H2O and CO2 levels in the biosphere could be modified. There should be an agency to look after our planetary concerns.
Here is a thought experiment device that creates self powered thermal diversification. The thought experiment device is impractical but easy to visualize and check for mechanical workability. It's parts are large enough to act as everyday materials but small enough to work well with the microscopic thermal motions of gas molecules.
Sketch made with keyboard characters:
COLD ROOM ())--:WALL:-->> HOT ROOM
Key
()) = Paddlewheel.
-- = Axle. (Continuous from end to end)
: : = Axle tunnel going through a wall.
>> = Lumped friction element
Please visualize two roome full of air separated by a very thin wall that allows the rooms to hold their heat independently with minor leakage through the wall. The wall is thin to delicately support billions of separate nanometer scale short axles running straight through loosely enough to rotate freely but not leak very much heat so the rooms can hold separate temperatures.
On the left side, a very small paddlewheel is mounted at the left end of each axle. On the right side, lumped friction elements are mounted stationary in place on the wall, one for each axle, for the right end of each axle to run through. The lumped friction elements convert the mechanical rotation of their axle into heat. The lumped friction elements do not impart Brownian motion to their axle.
Brownian motion (a nanometer scale effect) turns the paddlewheels at random speeds randomly clockwise or counterclockwise. This random rotation is turned into heat by the lumped friction elements.
The committed, linked, and functional roles of the paddlewheels, axles, and lumped friction elements in differnt places should systemically produce a divergence in the thermal energy in the two rooms without adding external energy.
I was granted patent US3890161A Diode array for a refrigerator that coproduces cooling and electrical power via the intermediary of a multitude of consistantly aligned diodes which rectify and aggregate the brownian motion of internal mobile electrons. This means a refrigerator in your house would export electricity instead of consuming it. Air conditioners in breezy tropical homes could send power to heat reasonably insulated homes in cold climates.
An elegant way to power our civilization would be to borrow some ambient thermal energy from the planetary air water or ground, change its form to electrical energy, use the electrical energy for heat, light, motors or electronic devices as we wish and let the heat released by these uses return to the ambient.
The patent was filed in 1973 so this wonderful widely useable balanced free energy could have been realized in the seventies and developed without any patent exclusionary power since 1992. Hypothetically there are noncabilistic historical, social, political, economic and educational forces aligned aginst it.
Here is a hypothetical practical method with the working name thermary: The thermary mainly consists of two electrodes closely face to face (~1 micrometer) in a vacuum wired to an external electrical load. The face of the [Emitter] electrode is covered with a uniform array of LaB6 tipped small diameter carbon nanotubes grown straight out. The face of the [Absorber] electrode is covered with small scale graphine flake char. [Rice U 2014]
Thermal energy mobilized unattached electrons will tend to free themselves outward from the emitter tips and drift at ~1 million meters / second @ 25 millivolts (thermal electron energy @ 20 C) to the absorber which tends to collect them.
A negative charge accumulates on the absorber. This repels oncoming electrons slowing their forward drift, cooling them. The absorber electrode charge is simultaneously the repelling cooling and the external electrical load voltage. The drift current and external wire route current are the same. The DC electrical power consumed by the electrical load depends on the load resistance. Thermal energy absorption always equals the electrical yield.
Wire resistance is a practical loss not a true loss so lt is overcome by added thermary output. The extra cooling balances the heat given off by the wire loss. The performance of the device is expected to be modest in the beginning but improve rapidly. Even early devices are expected to last a long time. There is little place for obsolence if the first installed thermary works adequately. They will withstand being short circuited indefinately up to an electromigration limit.
Aloha
Charles M Brown lll
Kilauea, Kauai HI 96754
The most disastrous fact of Capitalism remains,
If Capitalism went away,
Economists would need to find
productive work?
Right .......Professor?
@@charlesbrainard9724 Exactumundo!
But then they would become Entrepreneurs?
2:44 [See: Fred Foldvary]
With everything going on right now, the best decision to be on any creative man's heart is having a profitable investment strategy.
Even with the current dip in the market I'm still glad can smile back at my portfolio of $32,500 built from my weekly trade, all thanks to my advisor fergus Waylen
I wanted to trade crypto but got confused by the fluctuations in price
@@georgebasonathan4784 The fluctuations of the market only affect those that hodl coins, but traders makes money on both sides, when it's bearish they go short when it's bullish they go long... The best strategy to use in trading crypto is to trade with a professional, like Fergus waylen he understand the market quite well, that way maximum profits are guaranteed.
I'm honestly surprised that this name is being mentioned here, I stumbled upon one of his clients testimony last two months in CNBC world news and decided to try him out...I'm Expecting my third cashout in 2days
I have also been trading with him and the profits are secured and over a 100% return on investment directly sent to your wallet.
Lack of trade discipline is the primary reason for in day trade losses. It is estimated that nearly 80-85% of day traders end up losing money in the stock market
I guess I do not understand. He wrote a book called “the system is the sickness”. If that is so, why do you insist on using the same system to fix the problem? if only you understood that rich people steal capital through unfair currency exchange.
Because revolutionary change is kind of off the table right now?
Trust me, there will be a day when the US Empire eventually comes crashing down and radical change is possible- all empires eventually fall, in the end.
This is a fact of history: and nothing makes the US particularly special.
For now, though, they're working with the tools available to them...
It’s unfair to say that right wing economists don’t read Marx or don’t accept that capitalism is crisis prone. But they think that financial markets will eventually correct things
Starving people can't wait.
Yeah no most economists don’t read Marx. If they did, they wouldn’t be economists anymore (atleast in the modern sense)
If we were to discuss the fact that even Commies used Cash, we return to the basic discussion of the validity of Capital, as some fact that will endure?
As the Nations of the World report economic distress, and the US has a Salesman on every streetcorner selling Weapons Systems to sustain an Oily Democracy where money buys the names on a Ballot, we now seem to have arrived at a point in the evolution of money, from coins minted by Sumerians, to imaginary Cions sold by the billions to Suckers on the Internet.
How far can you inflate a Fiat Dollar?
Is Capitalism now facing challenges that it seems unable to overcome?
They are WRONG! The market will not straighten out fundamental instability that repeatedly wrecks our lives. This is a wobbly economic system. Capitalism fails regularly and workers who don't have enough accumulated to weather the busts, recessions, bubbles, pandemics and inflations lose homes, apartments, jobs, savings and hope!
Sorry but no. I have used Marxist rhetoric on economists and they tried to tell me that it wasn’t economic theory.
hah是谁把中文字幕弄的这么皮的😂
Moral hazard!
X-Files
Humans vs. Alien Vampires
Economic growth measures the rapid rate at which the hostile alien vampires (greed) are sucking the joy out of life and devouring the planet. Not progress.
Profits measure the amount of darkness (greed) that a vampires giant black hole in space called 'ego' posseses. Not brilliance.
Lots of expensive yachts, rockets and things measure the pride and im of a vampires ego. Not intelligence.
Unlike earthling poets, artists, musicians, mystics, human beings and creators of joy.. the capitalist counting corpses that rule US can't create harmony (real intelligence) because vampires (greed) are ignorant (dead).
Vampires (greed) who suck the joy out of life have joined the zombies who eat the futures of their children.
Zombie Apocalypse is here and happening now.
Exactly the nature of the social class hoarding wealth for the sake of self fulfilling wampiry embodiment . They are those monstrous parasites of the Lumley fictions that inhabit their aeries built out of the corpses of their hosts.
Well other than coops, whining about it is not terribly useful. Steve Keen is doing something about a mathematically sound and empirically based economic theory with a modeling system, that dumps the flawed theory of neoclassical. He is actually approaching the *other* issue that Marx and other economists have noted:the financial system leads to crisis. And from other sources, the suggestions of Creutz in Das Geld Syndrom, Friegeld is one such monetary system that offers a way out of an existential need for growth in any economy due to interest
I hope you are very young and still seeking education.
@@rickb3650 Well slight aside, I am a bit beyond complaining about how our economic order is driven by profits. Beyond democracy in the workplace, the financial system must also change. Interest rates are not only bad they concentrate wealth and are systemically prone to crisis. Even a reasonable survey of the field yields this fact. Oh and Professor Steve Keen is an economist debunking standard economics and putting it on a solid theoretical ground.
Look him up. There are hours of talks.
We are krill for the Wall Street whales under the omnipotent invisible hand of the market... We are food.
👍
So don't move, don't take the risk, and starve. See you have just eliminated risk and guaranteed the result.
So you keep all your employees and pay them the same but cut their hours in half. But you still
have to pay for the machine, the energy to run it, and the cost of maintenance...so where you had a
profit, you now have a loss, go out of business, and all your employees are out of work.
Ah, the contradictions of socialism...all easily exposed, all because neither of these two
understand "science" or what the definition of "capitalism" is and they apparently don't do math
very well either.
The point is not eliminating risk it's to show the double standard of reward of risk going one way instead of being spread more equally. Second the largest expense the vast majority of companies have to pay is wages. Buying new machines saves on their expenses and therefore increases profits or else capitalist wouldn't do it. So yes without firing the workers but having more profitability would lead to more leisure time. Sure it's not one to one basis in that the machine doubles productivity so we can cut the hours worked by half or that his profits would automatically double because as you mentioned there are energy and maintenance costs. However the point still stands that that the capitalist is pocketing the excess profits for the machine purchase and firing the workers because of increased productivity instead of keeping the workers or the majority and instead give them the extra time for more leisure with same pay per week. Wolff and Harvey are using simple examples to illustrate that, you know get your mind thinking, using some critical thought. Guess you couldn't figure that out and took whole face. Maybe your lacking in such departments?
Give up Galt! You are illogical AGAIN! The most expensive cost of most businesses is wages. Capitalism requires business to keep pressure on wages to maximize profit. That's fundamental. If you cut the hours and reduce the cost of wages you still can keep the business running. People may not have full salary but they still have something. Unemployment INSURANCE (not a handout, it is paid for by prepaid taxes) can make up a sufficient income to weather an emergency. The enterprise survives, the employees survive and the imbalances can be dealt with logically with such a system. Employers have the ability to weather a crisis because they have been profitable in prior years but employees never keep up with the cost of living because employers always maximize profit on the back of employees. Either they demand more productivity or they lower wages, or both. Profit maximization is the reason we never get out from under the weight of our economic stress.
J. Gault is a Nazi. He admitted it in a post I read and I never forgot that his fascist propaganda is full of holes. He pretends that National Socialism is a kind of Socialism. That's a lie. It's Nazi propaganda because fascism is an alliance between the rich, the government and the military/police to keep power in the hands of a strongman. That's not the people owning the means of production and democratically making decisions about their jobs, their lives and their government.
J. Gault is a true Hitler loving Nazi. Never forget it.
@@highestpants1340 First, from the title, it looks like "the POINT" was an attempt to
demonstrate that "conventional economists" hate contradictions...and that the examples
that supposedly did this were...claiming that the "risks" were unequal, and in the
second by claiming the increase in productivity was due to the workers, rather
than the machine.
The first attempt fails because the example of risk is exaggerated...as in moving to another town.
Why not across the street or down the block?
The second fails because it totally neglects the costs indicated, and therefore the claim
that nothing has changed in terms of profit, is an obvious lie.
And their simple-minded examples definitely did get me thinking...and many conventional economists
also, as soon as Marx spouted this nonsense...and it was rejected. ( and it also failed )
Apparently, it didn't get you thinking...and your claims have to be defended...so other than
proving you are bad at math in both instances and have no clue what the expenses of
a business because you have no evidence to support your claim that "wages" are the major expense.
Even the language used is deliberately deceptive...since it is not worker productivity that
has been doubled, but that of the factory production...as an entirety while actual worker
production has been cut in half.
But feel free to keep trying...although it will only get worse, because them contradictions
are rather stark and obvious to those of us who can reason and think critically.
A machine hasn't been and never will be more expensive than paying a wage. The machine does not require daily sustenance, water, or food.
In the hypothetical (a legitimate picture) it is literally stated there is no change in the production.
Instead the socially necessary labour time to produce ten hats goes down, and the workers now work half the time. The supply and demand stays the same (still ten hats on the market) instead the workers work for half the time.
@@PinkStalin Yup, that is bad math and has already been debunked. But you can try rebunking it, good luck.
MMT redefines debt as just another opportunity for exploitation.
MMT is how governments and economies work under fiat currencies.